Business angels in the Czech Republic: characteristics and a classification with policy implications

Marek Zinecker, Martina Skalicka, Adam P. Balcerzak and Michał Bernard Pietrzak

Economic Research-Ekonomska Istraživanja, 2022, vol. 35, issue 1, 273-298

Abstract: There is a lack of knowledge regarding the profiles of Czech business angels. In this article, we intend to contribute the empirical evidence in regard to identifying a ‘typical’ business angel profile in the Czech Republic. Using a unique dataset containing survey gained data on informal venture capitalists, we show that angel investors share many of the characteristics reported for well-developed markets. They are usually males, middle aged, with high school backgrounds and further educational achievements in MBA courses. They are trained or experienced in entrepreneurship or have the status as a hired or owner manager in a firm. Furthermore, the ICT is the most targeted industry amongst business angels. Similar to their foreign counterparts, they are financially well-off, although we have to differentiate in regard to age categories. Co-operation with other BAs is a very common channel how the deal flow is facilitated. BAs are ‘hands-on’ investors in the sense they provide investee companies with advice, insights, knowledge. The implications from this study indicate that measures focused on data gathering have to be implemented in order to systematically analyse the market and apply problem-driven policies.

Date: 2022
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DOI: 10.1080/1331677X.2021.1890179

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